Western

Colliers International Arranges $1.3M Sale of Retail Property in San Diego

by Nellie Day May 5, 2017

SAN DIEGO — Colliers International has arranged the $1.3 million sale of a 3,044-square-foot, two-unit retail condominium located in San Diego’s Bankers Hill neighborhood. Bill Shrader, David Maxwell and Joe Brady of Colliers International represented the San Diego-based seller, CR 5th & Nutmeg, and San Diego-based buyer The Cohen Family Trust. Shrader, Maxwell and Brady also secured Brooklyn Bicycles as the tenant for one of the units concurrently with the sale of the property. The shell-condition condominium is located at 2655 Fifth Ave. on the ground floor of Vue on 5th, a recently completed 45-unit residential building.

May 5, 2017

Colorado Multifamily Western

CBRE Global Investors Fund Buys Alexan CityCenter Apartments in Englewood for $97M

by Nellie Day May 4, 2017

ENGLEWOOD, COLO. — A fund advised by CBRE Global Investors has acquired the 438-unit Alexan CityCenter apartment complex in Englewood for $97 million. The community is located at 801 Englewood Parkway. The garden-style property will be renamed ArtWalk CityCenter. It also features 13,000 square feet of ground-floor retail. The asset is connected to the Englewood Light Rail station, which provides direct access to downtown Denver, Mile High Stadium, Union Station and the airport. CBRE Global Investors has identified Denver has a target market for the group.

May 4, 2017

California Loans Multifamily Western

Universe Holdings Obtains $23.4M in Financing for the Lodge at Porter Ranch in Northridge

by Nellie Day May 4, 2017

NORTHRIDGE, CALIF. — Universe Holdings has obtained $23.4 million in financing for the 148-unit Lodge at Porter Ranch in the Los Angeles submarket of Northridge. The community is located at 10631 Lindley Ave. The Lodge was built in 1979 and renovated in 2013. Universe Holdings purchased the property in 2004. The 10-year loan features interest-only payments for the first five years. HFF secured the financing through Freddie Mac. The planned use of the funds was not disclosed.

May 4, 2017

California Office Western

Duke Realty to Develop Medical Office Building in Santa Clarita

by Nellie Day May 4, 2017

SANTA CLARITA, CALIF. — Duke Realty has announced plans to build a 37,000-square-foot medical office building in Santa Clarita. The two-story space will be situated on 3.8 acres on the south side of Soledad Canyon Road in the Canyon Country neighborhood of Santa Clarita, about 33 miles northwest of Los Angeles. The space has been fully preleased by Facey Medical Group, an affiliate of nonprofit Catholic health system Providence Health and Services. Duke will break ground early this summer for scheduled completion in June 2018. Snyder Langston will build the property, which Boulder Associates designed.

May 4, 2017

Arizona Office Western

Turnstone Office Park in Scottsdale Sells for $10M

by Nellie Day May 4, 2017

SCOTTSDALE, ARIZ. — SLR and NHR Turnstone LLC have acquired the 64,949-square-foot Turnstone Office Park in Scottsdale for $10 million. The four-building complex is located at 17767 to 17797 N. Perimeter Drive in the Scottsdale North/Airpark submarket. The park is situated within the Perimeter Center. NGKF’s Erik Marsh and Nicole Iglehart represented both the buyer and the seller, Turnstone Office Park LP, in this transaction.

May 4, 2017

Arizona Office Western

Scientific Technologies Corp. Leases Office Space in Phoenix

by Nellie Day May 4, 2017

PHOENIX — Scientific Technologies Corp. has leased 26,174 square feet of office space at a warehouse and distribution site that is being converted into an office building. The space is located at 411 S. 1st St. in Phoenix. The site was formerly occupied by Phoenix Packaging Products. The property is being converted to creative office space as part of an adaptive reuse project. Jim Sadler and Darius Green of Keyser represented Scientific Technologies Corp., while CBRE’s Corey Hawley and Jimmy Cornish represented the landlord, 1st Buchanan LLC, in this transaction.

May 4, 2017

Washington Western

Sprague Pest Solutions Acquires TMC Pest Management

by Nellie Day May 4, 2017

TACOMA, WASH. — Sprague Pest Solutions has acquired TMC Pest Management of Bakersfield, Calif., expanding the fifth-generation company into California and giving it the ability to serve commercial clients from Washington state to Southern California. TMC will operate under the Sprague Pest Solutions brand immediately. Founded in 1992 by Jeff McCaa, TMC Pest Management offers pest management services to commercial-industrial clients. The company specializes in protecting food processing, distribution and transportation outlets. Sprague has a long history providing the food processing and agriculture industries with pest management and food safety programs.

May 4, 2017

California Office Western

Manchester Capital Management Buys Fine Arts Building in LA for $43M

by Nellie Day May 3, 2017

LOS ANGELES — Manchester Capital Management has purchased the Fine Arts Building, a 115,902-square-foot creative office building in downtown Los Angeles, for $43 million. The historic building is located at 811 W. 7th St. The Fine Arts Building was built in 1927 and renovated in 2016. It is 87.5 percent leased to tenants like WeWork, Pfeiffer Partners Architects, LTK Consulting Services, Hypothesis and SWA. NGKF’s Kevin Shannon, Ken White, Laura Stumm and Gibran Begum represented the buyer and seller, Sorgente Group of America, in this transaction.

May 3, 2017

California Retail Western

Four Corners Acquires 16 Properties Leased to Bob Evans Restaurants for $35.1M

by Nellie Day May 3, 2017

MILL VALLEY, CALIF. — Mill Valley-based Four Corners Property Trust Inc. has acquired 16 properties occupied by Bob Evans Restaurants as part of a $35.1 million sale-leaseback transaction. The transaction was completed simultaneously with Golden Gate Capital’s acquisition of Bob Evans Restaurants from Bob Evans Farms Inc. The properties are occupied under a single triple-net master lease with a 20-year initial term. They are primarily based in the Midwest and Northeast.

May 3, 2017

Loans Office Washington Western

PSRS Provides $57M Loan for Seattle Office Property

by Nellie Day May 3, 2017

SEATTLE — PSRS has provided a $57 million loan for a 285,186-square-foot office building in the South Lake Union area of downtown Seattle. The building was constructed in 1929 and renovated in 1965. The asset has a mix of tenants, including a local newspaper as the anchor. The space also includes a data storage business. The 10-year, interest-only, cash-out loan was financed through a leading CMBS lender. The borrower is a large data center and office investor. PSRS’ Michael Thorp and Ryan Frankman secured the financing. The planned use of the capital was not disclosed.

May 3, 2017

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